How to Choose the Best Supplemental Insurance for Medicare

You already turned 65 years old,  and soon you will enroll in Medicare.  Since this is an important part of your healthcare choices, you want to make sure that you are making the right decision from the very beginning.You want to have the best value for your money with the best coverage possible.

If you are thinking to go with just Original Medicare, it would be a good idea also to get a supplemental insurance for Medicare. Also known as Medicare supplement insurance or Medigap plans, supplemental insurance for Medicare will help you pay for the things that Medicare does not cover such as deductibles, copayments, and coinsurance. Medigap will take action where your Original Medicare left off.


Related post: Medicare Supplements Frequently Asked Questions and Terms You Need To Know 


First Things First

Before choosing the plan that will supplement your Medicare, make sure that you already know these things first. Knowledge of this information will guide and help you throughout the process of selecting the best plan that will fit your needs.

 

√ Standardized plans

All ten types of Medicare supplement plans are standardized. Meaning, the benefits under each type of plan are the same or identical regardless of insurance carrier.

The difference is the price. There are lots of insurance companies that provide the different types of Medigap. They are offering the exact same plans, with exact same benefits but all with different prices. So, it will be possible that you will get a plan from a company that is 2x more expensive than what others offer with same, exact benefits.

Since it is private insurance, your Medigap plans can’t be changed or canceled unless you fail to pay the monthly premium.


Related Post: Just Enrolled in Medicare: Do I Need a Medigap Policy? 


Companies and prices

Not all companies that sell Medicare supplements offer all ten types, and not all of them sell the plans in same prices. Prices vary wildly from one insurance company to another. Therefore, it is wise to choose the cheapest plans available.

How to know the prices? Of course, you don’t have to call every company and ask for their prices. You can just request a Medicare supplement quote to see which insurance provider gives the best prices for whichever plan that interest you. The best part is, you can do it simply from the comfort of your home with just some few clicks.

Request a Medicare Supplement quote for FREE

Pricing Methods

Insurance companies have pricing methods that you should be aware of. What is cheap for you today, can turn out to be very expensive for you someday. Medicare Supplement insurance carriers often have three methods of pricing the premiums. These are:

Community rated – the same premium is charged to everyone, regardless of age.

Issue-age-rated – The age when you buy the policy will be the basis of your premium. The cost might increase because of inflation.

Attained-age rated – Though your premiums will start low, it will grow higher over time which makes it expensive eventually.  38 out of 50 states allow for an attained age pricing structure. That means, your premiums can increase yearly because of your new age aside from the increase due to medical inflation.

Additional Resources

FreeMedSuppQuotes is a good resource of information for everything about Medicare supplements, but there are also other sites, such as medicare.gov and Healthcare.gov, that you can visit if you want to know more about Medicare. It is important to have a deep understanding about Medicare and Medicare supplements to be able to choose the best policy that will suit your needs.

Enrollment period

In every state, you have a guaranteed right to buy Medigap policy for six months starting you become 65 years old and already have Part B. During this time; no insurance company is allowed to turn you down or charge you more because of your pre-existing condition.

Inability to get a plan within this period will cost you higher premiums or won’t be able to get a plan at all.

No Drug Coverage

Medigap plans don’t offer coverage for prescription drugs; you may need to sign up for Medicare plan Part D drug plan if you wish to have coverage for prescription drugs.

 

5 Easy Steps to Help You Choose the Best Medicare Supplemental Insurance

Choosing a Medicare supplemental insurance is not easy as it seems. You have to choose from the ten standardized plan and make sure that you’ll get the best price for the plan that you will choose. Sometimes it can be confusing too! To help you out, here are five easy steps that will guide you in choosing a plan.

  1. Health Status and Medical Family History

Look at your health status and family medical history and keep it in mind. Since the differences of plans to each other are not that great, knowing your medical history can significantly help you analyze each one of them.

  1. Side by side comparison of plans.

To help you choose which plans offer the benefits that you might need, put the plans side by side then compare. Easily compare the different types of Medicare Supplements with our comparison table, here.

  1. Request a Medicare Supplement Quote

Request a Medicare supplement quote to see which insurance company provider offers the best price for the type of plan that interest you. Remember: all Medigap policies with the same letter must cover the exact same benefits, you should shop for the cheapest policy.

Request a Medicare Supplement quote at freemedsuppquotes

  1. Choose the Pricing Method

Consider the pricing method (as discussed above) of the insurance company that you will choose. Issue-age and community-rated policies will usually save you money in the long-run.

  1. Enrollment Period

Sign up for Medigap plans during your enrollment period to avail of guaranteed issue rights and insurers can’t refuse you or charge you more because of a pre-existing condition.


Related post: Medicare Supplement Open Enrollment Period: Important Details You Need to Know


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